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Govind Rajan Replaces Kunal Shah as a New CEO of Freecharge

25May By AdityaNo Comments

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Govind Rajan Replaces Kunal Shah as a New CEO of Freecharge

Snapdeal acquired FreeCharge, a digital payments platform announced Govind Rajan as the new Chief Executive Officer of the company replaces Kunal Shah who is now the chairman. "In Govind, we have an exceptional leader, who will lead FreeCharge to become the No. 1 player in the payments ecosystem in the country," said Kual Shah in a press release. Govind joined FreeCharge in August 2015 and was the Chief Operating Officer at the company. In his previous stints, Govind was the Chief Marketing Officer (B2C) at Bharti Airtel and concurrently also served as the CEO for Airtel Money. An alumnus of Indian Institute of Foreign Trade (IIFT), Govind spent the first 15 years of his professional life at Hindustan Unilever, where he served in various marketing and leadership roles. In April...

Nokia to Cut 10,000-15,000 Jobs Worldwide: Finnish Union

25May By reutersNo Comments

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Nokia to Cut 10,000-15,000 Jobs Worldwide: Finnish Union

Nokia is likely to cut 10,000 to 15,000 jobs globally as part of a cost-cutting programme following its acquisition of Franco-American rival Alcatel-Lucent, a Finnish union representative said. Nokia kicked off the programme in April with a target to slash $1 billion of operating costs by 2018, but it has yet to give a figure for how many jobs will be reduced in total. "We haven't heard any official numbers, but based on the information from our union contacts, I would estimate the global impact of this round would likely be around 10,000 to 15,000 jobs," said Risto Lehtilahti, a trade union shop steward at Nokia's Oulu site. A Nokia spokeswoman declined to comment on the 10,000-15,000 figure. Nokia employs around 104,000 people worldwide. Last week the company specified its pl...

One More Down, Tech Mahindra Pulled Out From Payments Bank Race

24May By PriyankaNo Comments

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One More Down, Tech Mahindra Pulled Out From Payments Bank Race

IT firm Tech Mahindra today said it will not pursue its plans to set up payments bank operations in the country, becoming the third player to pull out from the race. "With reference to the earlier communication dated August 20, 2015, about the in-principle approval granted by RBI for setting up a payments bank, Board of Directors of the company have decided that the company will not pursue this opportunity," it said in a filing to the BSE. Sun Pharma founder Dilip Shanghvi who along with IDFC Bank and Telenor got in-principle approval from the Reserve Bank for payments bank, also pulled out of the race last week. A couple of months back, Cholamandalam group also dropped plans of setting up a payments bank. "It was a conscious decision that we wanted to be in this business. We ...

23May By PriyankaNo Comments

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Tata Cliq Tie-up With Genesis Fashion Brand

Tata Groups upcoming e-commerce platform TataCLiQ.com today entered into a strategic partnership with Genesis Luxury Fashion to sell a wide range of international luxury brands exclusively in India. Genesis is the marketing and distribution partner for more than 14 international brands, including Burberry, Hugo BOSS, Jimmy Choo, Giorgio Armani, Emporio Armani, Armani Jeans, Canali, Michael Kors and Paul Smith, in India. This alliance will make TataCLiQ.com the only authorised partner to offer several international luxury brands in India that the Genesis represents, the company said in a statement. Partnering with Genesis will help TataCLiQ.com get some of these brands online in an authentic and authorised manner to the consumer. TataCLiQ.com CEO Ashutosh Pandey said: "Together,...

8 Key Points of India’s Own Space Shuttle RLV-TD Successful Launch

23May By AdityaNo Comments

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8 Key Points of India’s Own Space Shuttle RLV-TD Successful Launch

India today successfully launched the first technology demonstrator of indigenously made Reusable Launch Vehicle (RLV), capable of launching satellites into orbit around earth and then re-enter the atmosphere, from Sriharikota in Andhra Pradesh. "Mission accomplished successfully," an Indian Space Research Organisation (ISRO) spokesman said, soon after RLV-TD HEX-01 was flight tested with the take off at 7 am. Here are the some key points of India's own Own Space Shuttle RLV-TD: This is the first time ISRO has launched a winged flight vehicle, which glided back onto a virtual runway in the Bay of Bengal, some 500 kilometres from the coast. Known as hypersonic flight experiment, it was about 10 minutes mission from liftoff to splashdown. The RLV-TD is a scale...

MobiKwik Registers 5000 Percent Growth on Big Basket

22May By AdityaNo Comments

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MobiKwik Registers 5000 Percent Growth on Big Basket

MobiKwik, India's largest independent mobile payments' network today announced that it has registered 5000 percent growth on Big Basket, India's largest online supermarket Bigbasket offers over 20,000 products from over 1,000 brands and is present in 25 cities across the country including Bangalore, Hyderabad, Mumbai, Pune, Chennai and Delhi-NCR. Upasana Taku, Co-founder, MobiKwik said, "Grocery is an everyday purchase and MobiKwik's phenomenal growth on Big Basket suggests how entrenched MobiKwik is in our users every day transactions. If there is an online commercial transaction, MobiKwik's vision is to facilitate it. The e-grocery market is a key vertical for us therefore, and is experiencing tremendous growth". Research firm IGD predicts that India's online grocery market is esti...

Tatas Tech Arm GTIO Will Commercially Launch 4 Products in Next 2yrs

22May By NitishNo Comments

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Tatas Tech Arm GTIO Will Commercially Launch 4 Products in Next 2yrs

Tata Sons Group Technology and Innovation Office (GTIO) will roll out four high-tech products in the next two years. GTIO is working on four specific products -- a smartwatch for industrial workers being tested on Tata Steels workforce, a drone-based pesticide spraying system, a factory and fleet analytics system, and an advanced material called graphene. "All the projects that we undertake will take three to five years from start to finish... You will see a rollout in the next two years," Tata Sons Group Technology Officer Gopichand Katragadda said. The salt-to-software conglomerate is the biggest spender on research and development among the large companies in the country. Last year, GTIO had spent 2.7 per cent of its USD 110 billion revenue on R&D and innovation. The incuba...

Chinas Tiens Group to Enter Indian E-commerce Market

22May By Press Trust of IndiaNo Comments

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Chinas Tiens Group to Enter Indian E-commerce Market

China Tiens Group plans to foray into the fast growing Indian e-commerce market to take on the likes of Flipkart and Amazon as the firm plans to set up its marketplace by the second half of the year. The group also plans to expand direct selling business in the country and expand user base to one crore over the next five years. "We plan to sell 3,000 products from the online shopping platform, which would be ready in the second half of the year. Indian customers will be able to buy products from different countries on the platform," Tiens South Asia Region President Kevin Hou told PTI. The Indian e-commerce market is estimated to touch USD 119 billion (Rs 8 lakh crore) by 2020. In March, the government allowed 100 per cent foreign direct investment (FDI) in online retail of goods an...

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

22May By AnkitaNo Comments

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Mobikwik Offers Loans to Wallet Users to Push Digital Payments

Fin-tech company Mobikwik is expanding its services by offering instant micro loans to wallet users running short on balance as part of its efforts to boost digital payment usage in the country. The company, which competes with Alibaba-backed Paytm, started pilot on the project a few weeks back and has already given loans to about 25,000 users. "These are micro loans, about Rs 500-2,500, given to users when they are running short on balance while making a purchase. We are happy with the product, the repayment rates are around 97 per cent. We are now looking at expanding this," MobiKwik co-founder Upasana Taku said. She added that the company has partnered consumer-lending marketplace, CashCare for the service. MobiKwik is in process of adding 10-12 other similar banks and...

Apples Cook Meets PM Modi, Concluded a Four Day Trip to India

21May By AnkitaNo Comments

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Apples Cook Meets PM Modi, Concluded a Four Day Trip to India

On last day of his maiden trip to India, Apple CEO met PM Modi on Saturday. Showing interest in making Apple products in India, the global technology giants chief Tim Cook discussed with Prime Minister Narendra Modi the "possibilities of manufacturing" and tapping the young talent pool in the country. On his maiden visit to India, the Apple CEO also discussed with Modi issues regarding cyber-security and data encryption. "Cook shared Apple Incs future plans for India. He spoke of the possibilities of manufacturing and retailing in India. He appreciated the breadth of young talent in India and said the youth have significant skills which Apple would like to tap," an official statement said. The head of the US-based Apple, which makes iconic iPhones and Mac computers, has al...

21May By AnkitaNo Comments

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Sorry We Messed Up Says Myntra

India's leading fashion website Myntra apologise in an official company blog on Friday for a major technical glitch. Yesterday, Myntra unintentionally sent many notifications to its users. The fault was causes due ti mobile notifications updation. Myntra relised the mistake and posted a blog of this technical glitch and said sorry for this mess up. On Thursday, May 19, at around 2:00 pm, the notifications team of Myntra updated fleet of notification servers with a code change. It took about 3 minutes for the deployment systems to update all notification servers with the change. Within minutes of the code-push, our users, including several employees started reporting that they were getting bombarded with notifications, unrelated to their interactions with Myntra. The team immediately...

Exclusive: Dilip Shanghvi, IDFC Bank Withdraw From Payments Bank

20May By PriyankaNo Comments

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Exclusive: Dilip Shanghvi, IDFC Bank Withdraw From Payments Bank

Telenor Financial Services, IDFC Bank and Sun Pharma's Dilip Shanghvi have decided to withdraw their licence to set up a payments bank. They are the second applicant to withdraw from the licence after Cholamandalam group pulled out of payments banks race a couple of months back. In a joint press statement, the partners said: "Dilip Shanghvi, IDFC Bank and Telenor Financial Services jointly agree to withdraw plans to establish a payments bank venture and consequently the payment bank licence will not be pursued." Last September, Dilip Shanghvi, Chairman of Sun Pharma, as lead applicant along with Telenor Financial Services and IDFC Bank, was granted in-principle licence by Reserve Bank to form a payments bank. "Following the mutual decision to withdraw from setting up a payments bank,...